Segment Disclosures

12 Months Ended

Dec. 31, 2018

Note 7. Segment Disclosures

We operate in two reportable business segments: (i) student housing and (ii) senior housing.

Management evaluates performance based upon property net operating income (“NOI”). NOI is defined as leasing and related revenues, less property level operating expenses.

The following table summarizes information for the reportable segments for the year ended December 31, 2018:

	Student Housing			Senior Housing			Corporate and Other			Total
Leasing and leasing related revenues	$	8,422,326		$	12,879,072		$	—		$	21,301,398
Other revenues	—				2,071,324		—				2,071,324
Property operating expenses		(4,252,853	)		(9,534,673	)	—				(13,787,526	)
Net operating income		4,169,473			5,415,723			—			9,585,196
Property operating expenses - affiliates		672,831			874,990		—				1,547,821
General and administrative	—			—				1,822,190			1,822,190
Depreciation		3,250,047			2,640,712			7,524			5,898,283
Intangible amortization expense		3,743,639			4,283,892		—				8,027,531
Acquisition expenses – affiliates	—				154,136		—				154,136
Other property acquisition expenses	—				323,906		—				323,906
Interest expense		2,141,400			4,543,730		—				6,685,130
Interest expense – debt issuance costs		68,126			705,229		—				773,355
Other		(1,598	)		67,459			7,764			73,625
Net loss	$	(5,704,972	)	$	(8,178,331	)	$	(1,837,478	)	$	(15,720,781	)

The following table summarizes our total assets by segment:

Segments	December 31, 2018
Student housing	$	94,593,010
Senior housing		174,210,522
Corporate and Other		9,166,083
Total assets	$	277,969,615